Western Alliance Bancorp
shares rose on Wednesday after the bank said its deposits had grown in the current quarter. Other regional lenders were also gaining.
Western Alliance (ticker: WAL) shares were up more than 8% in premarket trading at $34.24. While the stock was down 47% this year so far through to Tuesday’s close, it has recovered strongly from lows of close to $18 earlier this month.
Other regional bank stocks were also climbing.
PacWest Bancorp
(PACW) was up 7.9% in premarket trading, while
Zions Bancorp
was up 2.3%.
Western Alliance
had said deposits grew by more than $2 billion in the second quarter so far, up from $47.6 billion at the end of March, in a regulatory filing on Tuesday. Deposit levels at regional banks have been under market scrutiny in the past few months following the collapse of Silicon Valley Bank.
Western Alliance also said insured deposits represented more than 79% of the total, up from 68% at the end of the first quarter. The lender said it has the highest insured deposit percentage among the top-50 largest U.S. banks.
Write to Adam Clark at adam.clark@barrons.com
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